New Delhi: Finance Minister Nirmala Sitharaman on Monday said that India's inflation rate is expected to contain in the range of 2 to 6 per cent. In July, the Consumer Price Index (CPI) slipped to 5.59 per cent from 6.26 per cent in June.  Speaking on the economy during an interaction with the media, Sitharaman expressed confidence that the upcoming festive season is expected to be better and revenue is likely to be buoyant in the coming months.

Finance Minister noted that vaccinations will enhance confidence of people. Further, she said that demand will pick up as lockdown is lifted in several states. On the withdrawal of retrospective taxation, Sitharaman said that the rules for the recent taxation amendment bill will be framed soon. "We will have to wait for the rules to be framed under the recent taxation amendment bill," she said. On the GST compensation issue, Sitharaman said that if GST revenues collection continues like this, then the Centre would be able to pay compensation as per the agreement.

The finance minister noted that the Centre will have to consult with states in the GST Council to assess the situation on repayment of borrowing beyond five years of compensation which is ending in June 2022. On the high fuel prices, she said that NDA government is paying for a reduction in prices of petroleum products during the time of Manmohan Singh government, due to the interest and principles having to be repaid on oil bonds from that period. The FM said that as of 31 March, 2021, there was Rs 1.31 lakh crore in outstanding principal amount, and Rs 37,340 crore in interest yet to be repaid on these oil bonds.

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